Our next working group call will be on the 10th of October and this will be the final meeting prior to Block 11 in DC.
The plan for our next meeting will be to;
- Finalise our workshop session participants and topics
- share and review and presentation content
- news / logistics and goals related conversations for the working group
- BGIN election updates and news
- Working Papers, any updates
Workshop 1 [Room A]
Regulatory Uncertainty Around New Crypto-related Businesses
In this session, we will broadly discuss the global trends in crypto politics and regulatory developments, as well as issues that have yet to be addressed or discussed, such as DeFi regulation, AML/CFT measures in DeFi, cybersecurity, and unfair trading practices. In addition, BGIN, which aims to foster multi-stakeholder discussions, plans to host Layer2 Meetups in September and October before Block 11. These meetups will provide opportunities to exchange opinions on BGIN’s projects with the Bitcoin and Ethereum communities. During these events, we will gather input on the regulatory uncertainties they face when starting new businesses. In this session, we will discuss the future direction of regulations.
Workshop 2 [Room A]
Japanese Crypto Regulation and Lessons from the FTX Collapse
The Japan Financial Services Agency (FSA) will conduct a presentation on Japan’s crypto asset-related regulations, mainly focusing on stablecoin legislation and the measures taken following the FTX collapse. This presentation will be followed by a Q&A session and an open discussion.
Workshop 3 [Room A]
The Mutual Impact and Improved Outcomes of Blockchain & AI as Synergistic Technologies
The convergence of blockchain and AI offers groundbreaking potential. Whether leveraging blockchain to solve AI’s data management challenges or harnessing AI to tackle governance issues in blockchain, the synergies between these technologies are being hotly debated. This discussion will take a futuristic lens, weighing both the positive and negative aspects of these synergistic applications, drawing from real-world use cases. The conversation will be grounded in research conducted in the BGIN Financial Application & Social Economics Working Group.
Tokenization Initiatives / Harmonisation of different tokens
The analysis will introduce and discuss projects on CBDCs and tokenization, including the tokenization of securities initiated by central banks, regulatory authorities, and financial institutions worldwide. Another key focus will be the contestability of different forms of “money,” the concept of monetary singularity, and the two-tier model in a blockchain-enabled future financial system.
Workshop 4 [Room A]
Continuing the Conversation: Advanced Topics in RegTech for Digital Assets
Description: In this session, we will provide a summary of the discussions that took place at the RegTech Forum hosted by Blockchain APAC and Incite Consulting, scheduled to be held from October 15th to 17th, 2024, in London, UK. The discussion topics included regulatory and legal frameworks for digital assets, risk management strategies for decentralized financial systems, innovative approaches to KYC/AML/CFT, evolving custody solutions for institutional adoption of digital assets, etc. Based on the discussions held at the forum, we will delve deeper into the topics that were left unexplored.
Workshop 1 [Room A]
Cybersecurity Information Sharing Alignment in the Crypto Industry
Despite significant advancements, cybersecurity incidents remain prevalent in the crypto industry. Just as in other sectors, achieving industry-wide alignment on cybersecurity information sharing is crucial. This discussion will explore how the crypto industry can establish a robust international information-sharing framework, drawing lessons from traditional finance and other industries.
Cybersecurity Incident Response in the Crypto Industry
Learning from incidents that occurred over the last few years, the current status of the incident response capability of players in decentralized finance, and existing frameworks for traditional incident response, we will discuss what is needed for effective incident response (policy, operational, and technological needs and challenges.) We will also aim to update our papers, “Incident Response of Decentralized Cutody; A Case Study” and “Study Report for Ransomeware Reaction.”
Taxonomy of Illicit Activities / On-Chain Analysis
Addressing AML/CFT and combatting illicit activities in the crypto space is a top priority. While technologists advocate for embedding solutions within the tech itself—without sacrificing “privacy”—regulators push for compliance with international standards and the use of on-chain analysis. This discussion aims to build a shared understanding among stakeholders of what constitutes illicit activities while examining the challenges of on-chain analysis as a countermeasure.
Workshop 3 [Room A]
Wallet Governance and Credential Management (including Accountable Wallet)
In this session, we will discuss (1) the approaches to authentication processes that support the reliability and functionality of credentials, (2) key management methods that prioritize privacy and security, and (3) governance models that harmonize diverse legal, technical, and operational frameworks across different jurisdictions and sectors in order to build a secure, highly interoperable, and universally accessible digital wallet ecosystem. We will also discuss and the “Wallet Governance and Policy Study Report.” currently in development, and the “Accountable Wallet” as a method to prove one’s legitimacy using verifiable credentials.
Zero Knowledge Proof and its Application / Privacy vs Discoverability
Drawing from the Zero Knowledge Proof and its Application paper being developed at BGIN Identity, Key, Privacy Management and Governance Working Group, this discussion will explore the critical question: What are the technologies, architectures, and policies that can shape or enable the desired future state of privacy in digital currencies? We’ll consider potential tech and architecture solutions like ZKP that can balance privacy with features like monitoring and discuss the concrete steps or best practices for governments and industries to implement calibrated privacy in digital currencies and Web3.
Workshop 4 [Room A]
Internet Governance and Blockchain Governance
In this session, we will discuss how BGIN can contribute to forming better blockchain governance, drawing lessons from internet governance. The internet, which began as an experiment with ARPANET, has seen grassroots activities by communities such as the IETF (Internet Engineering Task Force) and ICANN to standardize inter-network connectivity and establish governance frameworks. Considering that blockchain has different characteristics compared to the internet, such as stronger connections with finance and the relative ease of monetization. In light of these differences, the discussion will focus on how BGIN aims to form governance for blockchain.
Governance of Layer 2 Scaling Solution
As “Layer 2” scaling solutions emerge to address the scalability and cost-efficiency challenges of “Layer 1” blockchains, they could bring new governance and security challenges, as described in “Blockchain Trilemma.” The ongoing research at BGIN Identity, Key, Privacy Management, and Governance Working Group objectively analyzes the trust points that can be created by “Layer2.” Based on the research, this discussion will engage business operators, regulators, and technical experts to explore how to solve the security and governance challenges.
